FOUNDATIONAL TECHNOLOGY

Public Blockchain

A permissionless blockchain network where anyone can read, write, and participate in consensus without requiring approval from a central authority. Bitcoin and Ethereum are the two largest public blockchains.

EXAMPLE

While J.P. Morgan initially favored permissioned chains, the firm is now bridging its Kinexys platform to public Ethereum to access deeper liquidity pools for tokenized assets.

Relevant Roles and Functions

On-chain Role
Chief Blockchain Infrastructure Officer
Head of Blockchain Infrastructure
Function
Blockchain Network Integrations
Node Operations
Smart Contract Infrastructure
Validator Participation
TradFi Equivalent
Core Banking Architecture
Distributed Systems
Payments Infrastructure
Technology

Related Terms

Permissionless Blockchain

An open blockchain network—such as Ethereum or Solana—where any participant can transact or validate without approval. These networks underpin most DeFi activity and public tokenization platforms.

Example

BlackRock chose to launch its BUIDL tokenized fund on the permissionless Ethereum network to maximize accessibility and composability with DeFi protocols.

Blockchain

A distributed, immutable ledger that records transactions across a network of computers in cryptographically linked blocks, providing a shared and tamper-resistant source of truth across multiple parties.

Example

By settling trades on blockchain, two counterparties share an identical, real-time record without requiring a central reconciliation agent.

Ethereum

Generally considered the largest public blockchain holding the highest Total Value Locked (TVL) of $55.7 billion. Designed as a programmable platform that enables smart contracts and decentralized applications. Ethereum’s transition to Proof of Stake and Layer 2 scaling solutions have made it the primary infrastructure for institutional tokenization.

Example

BlackRock's BUIDL fund was launched on Ethereum due to its established ecosystem of institutional custody, settlement rails, and regulatory clarity compared to alternative chains.

Bitcoin

The first and most widely recognized cryptocurrency, launched in 2009 as a decentralized digital currency operating on a public blockchain without central authority. Bitcoin serves as both a store of value and the foundational proof-of-concept for blockchain technology.

Example

MicroStrategy's treasury strategy of holding bitcoin on its balance sheet prompted institutional debate about whether BTC qualifies as a reserve asset under evolving accounting standards.

Permissioned Blockchain

A blockchain network where participation—reading, writing, or validating—is restricted to pre-approved entities. Permissioned chains offer privacy and regulatory control suited to institutional and consortium use cases.

Example

JPM Coin operates on a permissioned blockchain, ensuring only verified institutional counterparties can initiate or receive transfers.